Teseo: what changed
What changed
Teseo
NACE 64.310, Financial service activities, except insurance and pension funding
filed annual accounts (NBB)
Net result for the year
€87,932
2024 · €98,899-€10,967
Equity
€409,863
2024 · €321,932+€87,932
Cash
€94,686
2024 · €740,075-€645,389
Balance sheet total
€1.6m
2024 · €2.1m-€489,452
Largest movements
Assets
- Cash -€645,389
down €645,389 (-87.2%), from €740,075 to €94,686
mainly Other debts (-€542,860) and Current investments (-€107,189)
- Current investments +€107,189
up €107,189 (+6,504%), from €1,648 to €108,837
- Tangible fixed assets +€52,731
up €52,731 (+4.0%), from €1.3m to €1.4m
Equity and liabilities
- Other debts -€542,860
down €542,860 (-81.3%), from €668,000 to €125,140
- Profit (loss) carried forward +€87,932
up €87,932 (+27.7%), from €317,127 to €405,058
- Debts after one year -€34,674
down €34,674 (-3.6%), from €959,904 to €925,230
Income statement
- Financial charges +€12,887
up €12,887 (+32.8%), from €39,334 to €52,222
- Gross operating margin +€9,119
up €9,119 (+4.2%), from €219,208 to €228,327
- Depreciation +€8,781
up €8,781 (+20.3%), from €43,353 to €52,133
- Taxes -€8,707
down €8,707 (-24.2%), from €36,011 to €27,304
- Financial income -€5,966
down €5,966 (-51.8%), from €11,515 to €5,549
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€98,899
Gross operating margin
+€9,119
Depreciation
-€8,781
Other operating charges
-€1,159
Financial income
-€5,966
Financial charges
-€12,887
Taxes
+€8,707
Result 2025
€87,932
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€402,798
Investment
-€212,053
Financing
-€30,538
Cash 2024
€740,075
From operations (derived)
-€402,798
Net result for the year
+€87,932
Depreciation
+€52,133
Receivables within one year
+€2,590
Deferred charges and accrued income
+€1,393
Trade debts
-€12,423
Tax, wage and social debts
+€7,038
Other debts
-€542,860
Accrued charges and deferred income
+€1,400
Investment (derived)
-€212,053
Investment in fixed assets (net)
-€104,865
Current investments
-€107,189
Financing
-€30,538
Debts after one year
-€34,674
Current portion of long-term debt
+€4,136
Cash 2025
€94,686
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,062,355 | €1,572,903 | -€489,452 | -23.7% |
| Fixed assets | 21/28 | €1,311,210 | €1,363,941 | +€52,731 | +4.0% |
| Tangible fixed assets | 22/27 | €1,311,210 | €1,363,941 | +€52,731 | +4.0% |
| Land and buildings | 22 | €1,311,210 | €1,363,941 | +€52,731 | +4.0% |
| Current assets | 29/58 | €751,146 | €208,962 | -€542,183 | -72.2% |
| Amounts receivable within one year | 40/41 | €7,507 | €4,917 | -€2,590 | -34.5% |
| Trade receivables | 40 | €2,225 | €3,615 | +€1,389 | +62.4% |
| Other amounts receivable | 41 | €5,281 | €1,302 | -€3,980 | -75.4% |
| Current investments | 50/53 | €1,648 | €108,837 | +€107,189 | +6,504% |
| Cash at bank and in hand | 54/58 | €740,075 | €94,686 | -€645,389 | -87.2% |
| Deferred charges and accrued income | 490/1 | €1,916 | €524 | -€1,393 | -72.7% |
| Total equity and liabilities | 10/49 | €2,062,355 | €1,572,903 | -€489,452 | -23.7% |
| Equity | 10/15 | €321,932 | €409,863 | +€87,932 | +27.3% |
| Contributions | 10/11 | €4,805 | €4,805 | = | 0.0% |
| Profit (loss) carried forward | 14 | €317,127 | €405,058 | +€87,932 | +27.7% |
| Amounts payable | 17/49 | €1,740,424 | €1,163,040 | -€577,384 | -33.2% |
| Amounts payable after more than one year | 17 | €959,904 | €925,230 | -€34,674 | -3.6% |
| Financial debts | 170/4 | €959,904 | €925,230 | -€34,674 | -3.6% |
| Amounts payable within one year | 42/48 | €780,519 | €236,410 | -€544,109 | -69.7% |
| Current portion of amounts payable after more than one year | 42 | €44,703 | €48,839 | +€4,136 | +9.3% |
| Trade debts | 44 | €12,878 | €455 | -€12,423 | -96.5% |
| Suppliers | 440/4 | €12,878 | €455 | -€12,423 | -96.5% |
| Taxes, remuneration and social security | 45 | €54,938 | €61,976 | +€7,038 | +12.8% |
| Taxes | 450/3 | €54,938 | €61,976 | +€7,038 | +12.8% |
| Other amounts payable | 47/48 | €668,000 | €125,140 | -€542,860 | -81.3% |
| Accrued charges and deferred income | 492/3 | - | €1,400 | +€1,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,353 | €52,133 | +€8,781 | +20.3% |
| Other operating charges | 640/8 | €13,126 | €14,285 | +€1,159 | +8.8% |
| Gross operating margin | 9900 | €219,208 | €228,327 | +€9,119 | +4.2% |
| Operating profit (loss) | 9901 | €162,730 | €161,908 | -€821 | -0.5% |
| Financial income | 75/76B | €11,515 | €5,549 | -€5,966 | -51.8% |
| Recurring financial income | 75 | €11,515 | €5,549 | -€5,966 | -51.8% |
| Financial charges | 65/66B | €39,334 | €52,222 | +€12,887 | +32.8% |
| Recurring financial charges | 65 | €39,334 | €52,222 | +€12,887 | +32.8% |
| Profit (loss) for the period before taxes | 9903 | €134,910 | €115,236 | -€19,675 | -14.6% |
| Income taxes | 67/77 | €36,011 | €27,304 | -€8,707 | -24.2% |
| Profit (loss) for the period | 9904 | €98,899 | €87,932 | -€10,967 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €98,899 | €87,932 | -€10,967 | -11.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.